I wanted to get some feedback from anyone willing to post on the following title problem. I will use the names John and Joan Smith, H/W as examples. Any information will be greatly appreciated.
John and Joan Smith, H/W acquired their interest in and to a 2 acre tract in Louisiana back in the early 1990s. Joan Smith passes away and leaves no will or no adminstration of her estate. This interest was not conveyed into Joint Tenancy so it is assumed the interest was conveyed to the husband and wife as Tenants in Common unless I'm missing something. John and Joan Smith had 4 children together that are all still living to this day. A lease was taken covering John's interest in 2008 and I'm guessing I would need the 4 children to ratify this lease if they acquired an interest through their late mother's death. I'm familiar with the intestate succession laws in Oklahoma but not in Louisiana. Does anyone know if her interest automatically reverts back to her surviving spouse or do the kids inherit in equal shares her portion of the interest in and to this tract of land? Thank you for any help.
Are you buying this property? You need an legal opinion from a LA licensed attorney who understands LA heirship laws
I would agree with you on leasing through a power of attorney. If leasing is not stated it would not be covered. I'm more concerned about what Sherry said in her post. Since I went to this seminar I'm really questioning exactly what is right and best as far as inheritance is concerned. I know this is taking the thread in a different direction but its something that I need input on and I'm hoping that Sherry or someone will see my earlier post and respond.
Thanks everyone for the feedback.
Every little bit of information helps. I'm really new to the concept of estate planning. I've always just believed that whatever the law said was what was going to happen. As it seems to turn out there are other way of doing things. Some seem to be better that others. Thanks for your input.